The fourth quarter is characterized as a time of renewal and change, as fall transitions into winter, and families and friends gather to celebrate and reflect on the past year and set their sights on the year ahead. For employers and their HR and finance teams, the fourth quarter is also a period of renewal and often change, for employee benefit programs.
The majority of employers renew their benefit programs on January 1, with employees making benefit enrollment decisions. This makes the fourth quarter a critical period for HR and finance leaders to ensure their benefit programs are capital efficient and meaningful for their employees. This is the time for employers to evaluate carrier partnerships — build and implement new programs, plans and funding models — along with educating and engaging employees. This third component is often overlooked. Despite heavy planning and outreach, employee participation often falls short. Benefits pros must put in extra effort to meet employees where they are and ensure communications are clear, accessible and actionable.
